Brazil's National Port Authority and Waterways has approved 1.73bn dollars in port infrastructure works to be carried out by three local operators: steelmaker CSN, container terminal operator Santos Brazil and US food and agribusiness firm Archer Daniels Midland Company (ADM).
With the investments, CSN will extend its Itaguaí port terminal concession contract in Rio de Janeiro state and Santos Brazil will extend its Santos port contract in São Paulo state to 2047 from the original expiration date of 2022, local media reported.
CSN's $1.1bn project involves expanding its Tecar solid grain terminal with plans to export iron ore. Work should be completed in 2016.
Santos Brazil is planning two projects for a total of 530m at its Tecon terminal. One involves extending piers to 1,200 m from 980 m and the other entails deepening the berthing area to 15 m from 13 m. Works are expected to complete by 2018. According to the company, another 840m will be invested by 2044 to replace aging equipment, the report said.
Meanwhile, ADM will invest 88.5m in various updates to its solid grain terminal at Santos port. Its lease will be extended to 2037 from 2017. The agreements still need a final seal of approval from the Special Ports Department SEP, which has already signalled that it intends to approve the arrangements.